America Inc. Gets Schooled on Wages

The labor market may not be tight, but companies that rely on less-educated workers could still feel the pinch.

Even when joblessness is high, employers can have a knee-jerk tendency to grouse about a dearth of workers. The fantasy of finding someone who is punctual, productive and willing to be paid a pittance is hard to let go of. But as long as wage growth isn't accelerating—and it hasn't been—such complaints can seem empty.